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Under Section 5 of the Securities Act of 1 9 3 3 , the registration process is divided into three time periods. In order, they

Under Section

5

of the Securities Act of

1933,

the registration process is divided into three time periods. In order, they are:

waiting, prefiling, and posteffective.

waiting, prefiling, and executory.

prefiling, waiting, and posteffective.

prefiling, executory, and posteffective.

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